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The Three Keys to Unlocking Higher Service Renewal Rates

Sponsored By ServiceSource

Topics:: Budgeting & Planning; Business Software; Technology

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Abstract:: How successfully does your company turn customer relationships into an ongoing revenue source? Simply calculating the percent of service renewal dollars captured won't begin to tell you how to improve service revenue performance.
Measuring the factors that drive renewal rates is the first step to increasing service revenue. ServiceSource has identified three key components that must be measured to get a true picture of your performance:

- Resolution rate - percent of potential transactions completed
- Close rate - percent of customers who renewed
- Conversion rate - percent of closed transactions versus original opportunity

This paper explains how we calculate these rates. It also explores actions other companies have taken to dramatically accelerate renewal sales cycles and improve results. You will learn specific strategies to drive strong resolution rates, strengthen close rates, and improve conversion rates.

DETAILS

Sponsored by:

Released: August 23, 2010

Length: 9 pages

Format: PDF (250 kb)

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